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v3.25.4

Segment Operating Results - Segment Contribution (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023
Segment Reporting Information [Line Items] |  |  |
Net Revenues | $ 3,855,820 | $ 2,979,593 | $ 2,425,949
Employee Compensation and Benefits | 2,500,834 | 1,974,036 | 1,656,875
Non-Compensation | 565,044 | 471,338 | 407,018
Special Charges, Including Business Realignment Costs | 0 | 7,305 | 2,921
Income Before Income from Equity Method Investments and Income Taxes | 789,942 | 526,914 | 359,135
Income (Loss) from Equity Method Investments | 3,872 | 6,231 | 6,655
Pre-Tax Income | 793,814 | 533,145 | 365,790
Identifiable Segment Assets | 5,358,097 | 4,173,971 | 3,703,298
Investment Banking & Equities |  |  |
Segment Reporting Information [Line Items] |  |  |
Net Revenues | 3,767,655 | 2,898,489 | 2,355,943
Employee Compensation and Benefits | 2,448,409 | 1,927,928 | 1,617,449
Non-Compensation | 548,304 | 456,257 | 393,308
Special Charges, Including Business Realignment Costs | 0 | 7,305 | 2,921
Income Before Income from Equity Method Investments and Income Taxes | 770,942 | 506,999 | 342,265
Income (Loss) from Equity Method Investments | 6 | 1,073 | 620
Pre-Tax Income | 770,948 | 508,072 | 342,885
Identifiable Segment Assets | 5,184,718 | 4,022,227 | 3,541,886
Investment Management |  |  |
Segment Reporting Information [Line Items] |  |  |
Net Revenues | 88,165 | 81,104 | 70,006
Employee Compensation and Benefits | 52,425 | 46,108 | 39,426
Non-Compensation | 16,740 | 15,081 | 13,710
Income Before Income from Equity Method Investments and Income Taxes | 19,000 | 19,915 | 16,870
Income (Loss) from Equity Method Investments | 3,866 | 5,158 | 6,035
Pre-Tax Income | 22,866 | 25,073 | 22,905
Identifiable Segment Assets | $ 173,379 | $ 151,744 | $ 161,412

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